Hello Humble Farmers, thanks for reading!
This substack aims to share everything we’re paying attention to, including new launches, good farms, tokens, and much more. If any of that sounds interesting to you, please subscribe!
What We’re Watching
Pendle
While Pendle saw a large pull-back around the time of the Binance listing a few months ago, TVL has started to reclaim ATHs once again.
This growth seems likely to continue with the upcoming Arbitrum grants, furthered expansions into RWAs, and the future growth of Pendle Earn, Pendle’s yield protocol for users on CEXs. While there isn’t much of a correlation between TVL and token utility, Pendle seems to be positioned well for various narratives. Whether it’s liquid staking tokens, real-world assets, or even CEX usage, Pendle seems to be a solid high-beta bet on the growth of crypto and DeFi.
Real World Assets
Real World Assets, or RWAs, have been an emerging narrative over the past few weeks and seem to be here to stay. With interest rates near 20-year highs, projects taking advantage of treasury bill yields seem to be obvious bets in the current low volatility environment.
Maker has been the clear beneficiary of this environment, but there are other projects that fit well into this narrative too. Canto and Mantle also look interesting, with both looking to onboard their own yield-bearing stablecoins backed by US treasuries. There are also projects like Angle Protocol that are bringing the Euro on-chain and have recently announced stEUR, a yield-bearing stablecoin backed by short-term Euro government bonds (similar to sDAI). Frax has also recently released their V3 docs, and they plan to follow in Maker’s footsteps by bringing treasury yields on-chain.
One thing to keep in mind is that these tokens are relatively anti-cyclical to crypto. T-Bill yields have an inverse correlation to the crypto markets, and projects utilizing them will likely start to under-perform as rates are lowered and risk appetite starts to come back.
Farms of the Week
Upcoming Projects
OTSea (Peer-to-peer ERC20 token trading, simplified. No pools, no problems. First to Market: Crowdfunding Feature.)
Gamblino (Limitless Predictions: Play, Win, Repeat… Coming soon.)
Uranium3o8 (The first ever Uranium-backed token.)
Kodiak (Berachain’s Native Liquidity Hub.)
Poolside (DeFi's Leading AMM for Value-Accruing Tokens.)
Buttonwood (Building DeFi's first Tranche Stablecoin & AMM for Liquid Staking Tokens.)
Atlean (Perpetuals trading on your fingertips. New telegram trading bot powered by Synthetix)
Good Reads
zkUniswap, the zkAMM:
Frax V3 Analysis:
Solana’s Development Report:
35 Cool Protocols in DeFi:
Six Themes for the Next Cycle:
Synthetix Research Report:
What FriendTech Could Be:
Project Updates
Celestia Improvement Proposal:
Entangle Testnet Oracle is Live:
Diving into DoppelGanger:
Xion Public Testnet:
Frax V3 Docs:
Tokenized Securities on Base:
mevETH is Live:
OpenSea Studio:
Perennial V2:
Concentric Vaults Live:
HLP Leverage Vault:
Utopia Core Deprecated:
Yield Protocol Winding Down:
cPerps by Contango:
Sankto TV Beta Live:
Jito Direct Stake Points:
Oath Chapters:
Largest Incentive Program on Manta:
Unibot Gas Modes:
Olive V2 Testnet Live:
Orbiter Security Update:
nBTC Interchain Upgrade:
Bluefin V2 Release:
Fulcrom Live on zkSync:
Ambient Coming to Monad:
OP Stack Fraud Proofs:
Vertex TGE Delayed:
Introducing USTP:
Lybra DAO Launched:
The Lyra Orderbook:
On-Chain RLB Burns:
Conclusion
If you enjoyed and want to see more content like this, feel free to check out the Humble Farmer Army premium discord here.
You’ll get access to:
Weekly Premium Content
An Exclusive Community
DeFi Yield Strategies
Degen Farms & New Launches
DeFi Education & Analysis
And Real-Time DeFi Alerts
Humble Farmers Rejoice!